UBS

UBS posted strong Q1 numbers beating consensus by 6% on topline (down 1% to $12.6bn), 22% at PBT level (down 10% to $2.1bn)  and 30% on net profit (down 4% to $1.7bn).

RoE was 7.9% for Q1 25 and RoCET 1 was 11.3% .

Net New Money (NNM) inflow was $39bn for Q1 25 compared to $48bn for Q1 24. Assets under management (invested assets) increased by 1% to $6.15trn at the end of March 2025 compared to year-end 2024.

Management is confident it will meet its financial targets despite uncertain environment.

Still one of our expert's favorite bank. Following sharp fall, bank is back to very attractive valuation. The bank is very solid and the acquisition of CS was a fantastic operation. The only risk is that the Swiss Regulatory authorities push for more capital to strengthen the bank’s balance sheet. However, in current geopolitical context, we see that risk as fully priced in. 

Overall, all banks publishing had strong results, (SocGen was a strong beat, Erste was a slight beat, Caixa was a 13% beat and Handelsbanken was also a 6% beat) to the notable exception of CASA for which earnings were decent but came in c2% below expectations. Momentum is likely to remain favorable. While banks are sensitive to worldwide growth, they are mostly protected from the tariffs impact set by the US.